$6.15m Main River deal gives orthodontists reason to smile

A rare double block on Main River has sold for $6.15m before even hitting the market, as affluent buyers line up to snare a dwindling supply of property for sale along one of the Gold Coast’s most prestigious waterfront strips.

The 1,408sq m parcel at 151-153 Monaco St, Broadbeach Waters owned by Benowa orthodontists, Patricia and William Medland, was sold in an off-market deal handled by Kollosche agents, Eddie Wardale and Jay Helprin.

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An original 1960-built five-bedroom, four-bathroom house on the site was, “ready to be knocked down to make way for an architectural masterpiece”, according to the sale listing, with the property’s value in its status as one of just 16 north-facing riverfront allotments on Monaco St larger than 1,000sq m in size.

Property records show the Medlands paid $900,000 for the block in 1999.

It was the richest sale among just six properties which have changed hands on the street so far this year, with vendors raking in a total of $21.28m from those transactions.

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The next-highest sale was a 1,591sq m lot at 285-287 Monaco St which had been held since 1991. It changed hands for $5.15m in January.

“Both these properties sold off-market and were considered land value sales,” Mr Helprin said.

“The scarcity of available properties creates a sense of exclusivity and heightened competition. Opportunities are few and far between.

“We have a list of genuine, ready-to-transact buyers looking for the right opportunity,” he said.

Regarded as Gold Coast real estate royalty, Monaco St has been home to several CEOs and entrepreneurs, including nightclub boss Billy Cross and wife Jackie, and SEEK job search site boss Andrew Bassett.

The highest sale on record in Monaco St was $14.5m for a Beverly Hills-inspired mansion designed by Jared Poole and built in 2019 on a 2,390sq m parcel with 115.1m of Main River frontage.

Mr Helprin said riverfront real estate had become increasingly tightly held, with vendors reluctant to sell up due to limited options to buy elsewhere.

“Each year the number of transactions and supply levels are decreasing,” he said.

For those who do secure land, the $5m sale of a contemporary mansion on a 792sq m waterfront block in March shows the impressive potential return on their investment.

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Vendors Zarah and Logan Pihl paid $1.26m for the site at 104 Monaco St in 2020, engaging Studio Workshop Architects to design a glamorous five-bedroom home over two levels.

The high-end new build by Gold Class Homes was completed in December 2022, with no expense spared on sourcing showstopping finishes from around the world, including a striking chandelier defining 6m-high ceilings in the living area, and a marble island bench in the sleek kitchen.

Meanwhile, an unfinished mansion which sat untouched for 20 years attracted 18 bidders when it sold under the hammer for $1.705m in March.

Article source: Queensland Property Investor